History’s long list of lessons on the dangers of counterparty risk added another entry this week, as BitGo’s proposed acquisition of Prime Trust fell apart, presumably on the back of revelations that the prominent “Qualified Custodian” is facing a shortfall of customer funds. Less than a year ago, Prime Trust was a high-profile backend custody provider for a wide variety of bitcoin and “crypto” companies and had just completed a $100 million+
Ten31 Timestamp 796,009
Ten31 Timestamp 796,009
Ten31 Timestamp 796,009
History’s long list of lessons on the dangers of counterparty risk added another entry this week, as BitGo’s proposed acquisition of Prime Trust fell apart, presumably on the back of revelations that the prominent “Qualified Custodian” is facing a shortfall of customer funds. Less than a year ago, Prime Trust was a high-profile backend custody provider for a wide variety of bitcoin and “crypto” companies and had just completed a $100 million+